Rogers Communication, Inc. (NYSE:RCI) Shares Bought by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia increased its holdings in Rogers Communication by 3.4% during the first quarter, acquiring an additional 262,705 shares, bringing its total ownership to nearly 1.49% valued at $213.64 million.
• Rogers Communication's quarterly earnings report showed a beat on earnings per share, with $0.82 exceeding estimates of $0.80, although the firm's revenue of $3.82 billion fell short of analyst expectations.
• The company declared a quarterly dividend of $0.3672 per share, an increase from its previous quarterly dividend of $0.36, reflecting a commitment to returning value to shareholders.

Bank of Nova Scotia increased its position in shares of Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 3.4% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,998,907 shares of the Wireless communications provider's stock after purchasing an additional 262,705 shares during the quarter. Bank of Nova Scotia owned approximately 1.49% of Rogers Communication worth $213,641,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in RCI. SBI Securities Co. Ltd. increased its stake in shares of Rogers Communication by 885.4% in the 1st quarter. SBI Securities Co. Ltd. now owns 946 shares of the Wireless communications provider's stock worth $25,000 after acquiring an additional 850 shares during the last quarter. Versant Capital Management Inc acquired a new stake in shares of Rogers Communication in the 1st quarter worth $79,000. CWM LLC increased its stake in shares of Rogers Communication by 57.4% in the 1st quarter. CWM LLC now owns 3,736 shares of the Wireless communications provider's stock worth $100,000 after acquiring an additional 1,363 shares during the last quarter. TD Private Client Wealth LLC increased its stake in shares of Rogers Communication by 263.1% in the 1st quarter. TD Private Client Wealth LLC now owns 5,131 shares of the Wireless communications provider's stock worth $137,000 after acquiring an additional 3,718 shares during the last quarter. Finally, Headlands Technologies LLC increased its stake in shares of Rogers Communication by 274.2% in the 4th quarter. Headlands Technologies LLC now owns 5,306 shares of the Wireless communications provider's stock worth $163,000 after acquiring an additional 3,888 shares during the last quarter. 45.49% of the stock is currently owned by hedge funds and other institutional investors.

Rogers Communication Trading Up 1.0%

Rogers Communication stock traded up $0.35 during midday trading on Monday, reaching $34.04. 921,403 shares of the stock traded hands, compared to its average volume of 1,641,401. The company has a current ratio of 1.70, a quick ratio of 1.64 and a debt-to-equity ratio of 2.23. The firm has a market cap of $18.31 billion, a PE ratio of 16.94, a price-to-earnings-growth ratio of 1.82 and a beta of 0.77. The company has a 50-day simple moving average of $30.19 and a two-hundred day simple moving average of $27.97. Rogers Communication, Inc. has a 12-month low of $23.18 and a 12-month high of $41.84.

Rogers Communication (NYSE:RCI - Get Free Report) TSE: RCI.B last posted its quarterly earnings results on Wednesday, July 23rd. The Wireless communications provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.02. The company had revenue of $3.82 billion for the quarter, compared to analyst estimates of $5.12 billion. Rogers Communication had a return on equity of 21.59% and a net margin of 7.33%. Rogers Communication's revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.16 EPS. Research analysts expect that Rogers Communication, Inc. will post 3.57 earnings per share for the current fiscal year.

Rogers Communication Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 8th will be given a dividend of $0.3672 per share. This is a boost from Rogers Communication's previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Monday, September 8th. This represents a $1.47 annualized dividend and a dividend yield of 4.3%. Rogers Communication's dividend payout ratio is 72.64%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on RCI shares. Scotiabank reiterated a "sector perform" rating on shares of Rogers Communication in a report on Tuesday, July 15th. BMO Capital Markets reiterated an "outperform" rating on shares of Rogers Communication in a report on Wednesday, July 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Rogers Communication presently has an average rating of "Hold" and a consensus target price of $72.00.

About Rogers Communication

Rogers Communications Inc operates as a communications and media company in Canada. It operates through three segments: Wireless, Cable, and Media. The company offers mobile Internet access, wireless voice and enhanced voice, device financing, device protection, global voice and data roaming, wireless home phone, bridging landline, machine-to-machine and Internet of Things solutions, and advanced wireless solutions for businesses, as well as device shipping and express pickup services; and postpaid and prepaid services under the Rogers, Fido, and chatr brands.